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Novo Nordisk, the pharmaceutical giant behind the popular weight-loss injection Wegovy and diabetes medication Ozempic, is set to undergo a significant boardroom overhaul, with seven board members, including the chairman, slated to depart.
The company announced Tuesday that Chairman Helge Lund, Vice Chair Henrik Poulsen, and five other directors will not seek re-election at an extraordinary investor meeting scheduled for November.
These departures stem from a disagreement between the board and its majority shareholder regarding the future direction and governance of the company.
This boardroom shake-up is the latest in a series of changes at the Danish firm, which welcomed a new chief executive officer in August and, in September, revealed plans to lay off 9,000 employees.
Last month, Novo Nordisk issued a profit warning, citing increased competition from U.S. rivals, and initiated a cost-savings program after reducing its profit growth forecast for the third time this year.
The widespread adoption of Novo Nordisk’s Ozempic, frequently used off-label for weight loss, and Wegovy had propelled its share price to make it Europe’s most valuable company in the summer of 2024.
However, recent competition from pharmaceutical firms such as Eli Lilly has impacted its valuation, and shares in Novo Nordisk experienced a further dip of 1.7% following the announcement of the boardroom changes.
The departures are the result of a disagreement between the company’s board members and its majority shareholder, the non-profit Novo Nordisk Foundation, concerning the scope of necessary changes.
The Novo Nordisk Foundation owns 28.1% of the company’s shares but holds a substantial 75% of the voting rights, indicating its significant influence on the company’s management and senior leadership appointments.
Outgoing Chairman Helge Lund stated that the Novo Nordisk board had proposed the addition of several new members to bring in fresh expertise, but the Novo Nordisk Foundation “wanted a more extensive reconfiguration.”
The Foundation successfully advocated for the removal of former Chief Executive Officer Lars Fruergaard Jorgensen in May.
Lars Rebien Sorensen, the current chairman of the Novo Nordisk Foundation and former CEO of the pharmaceutical company from 2000 to 2016, has been nominated to replace current Chairman Lund, according to the Foundation.
Mr. Sorensen commented that the pharmaceutical company had been “too slow in recognizing fundamental market changes” as the use of its drugs gained widespread popularity and competitors introduced rival treatments.
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